The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Foreign Exchange

Indian takeaway becomes too expensive

Improved global communications has, in the past, made the option of outsourcing trading to India a viable proposition. You only have to look at how many of the country’s citizens have risen to senior positions in overseas banks to realise that the country possesses a large, skilled and well-educated workforce.

The possibility of employing such talent at a fraction of the cost of more traditional centres such as London, New York, Tokyo and Singapore is an obvious attraction.

However, a Reuters report this week says that salaries of Indian FX dealers are surging. They are predicted to increase by 30% this year, having already doubled in the last 12 to 18-months. Dealers are now said to be earning as much as their colleagues in other Asian centres, such as Singapore and retaining staff is said to be a problem.

The inflation is being driven by increased activity from commercial banks, as well as the expansion of foreign houses such as Credit Suisse, Lehman Brothers and Goldman Sachs. Reuters reports that the average annual basic salary for a middle manager is now around $37,000 to $49,500. Bonuses bring the figure up to around $200,000. While this is still relatively low, it has to make the likelihood of the outsourcing of trading to India less feasible.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree